Have you just come across Binance and want to start using it? Binance is one of the largest platforms for cryptocurrency trading, and it can offer you a great experience when making trades. But to make that possible, you must know how to trade Binance, which may be a bit challenging when it’s your first time using this app. To make things easier for you, keep on reading our guide on trading Binance.
How to Trade on Binance
In order to trade on Binance, there are several steps that
you have to go through:
- Open
Your Account
- Fund
Your Account
- Start
Trading
Read on to learn about each of these steps.
1) Open Your Account
As mentioned, you need to open an account if you want to
trade with Binance. Go to the main page of the Binance platform and click on
Register. Then, you will be sent to the proper registration page, where you
will first have to give an email address and set up a password. The email
address must be a valid one that you use regularly. As for the password, you
should set up a secure one, like a combination of numbers, letters, and
symbols.
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Rates and Terms
Next, you will have to review the Terms of Use from Binance
and agree to them, after which you can click on Register.
Captcha
You will have to prove that you are a human and not a robot.
This will require completing a puzzle, which is not hard. After that, an email
will be sent to your inbox. Click on “Verify Email” and your registration is
complete. You have an account on Binance and can start trading. But there is
one more thing you should do before actually trading, respectively ensuring
your account is secure.
That means you should set up a 2FA. This adds an extra layer
of security to your account by ensuring nobody else will get to access your
funds and spend them for their personal fulfillment.
2) Fund Your Account
Now that your account is opened and secured, you can fund
it. Let’s use Ethereum as an example of the funding process.
Log In
Log into your account and click on Accounts. Then, choose
the option Send on ETF Wallet. Enter a Recipient after that, as it will be the
individual getting the Ethereum amount. You must have an Ethereum address on
your Binance account since you send the amount to Binance.
Deposit Funds
Then, log into your Binance account and click on Funds, then
Deposits. Enter the cryptocurrency you need the address for. If Ethereum is the
option you choose, Binance will make sure an address is generated in order to
transfer the amount. Your Ethereum funds will then be sent to the ETH Deposit
Address. This means that it should be copied and pasted into the recipient box
of the Coinbase account in order to make the money deposit possible.
Next, select the amount you want to send to your account in
Binance, after which you can click on Send. As soon as the Ethereum network is
done processing the funds, they will appear in your Binance account.
3) Start Trading
Now it’s time to actually start trading. Move the cursor
over Trade and then click on Basic or Advanced. This will show you all the
current market details. In order to sell BNB for BTC at the present Bitcoin
price, you have to pick BTC in the right panel.
Then, click BNB/BTC and you will see the corresponding
trading page. Keep scrolling down until you see a Buy BNB and Sell BNB option.
You use the Sell Coin option to sell BNB. Enter the amount you want to sell.
Click the “Sell BNB” bar afterward. You will see a “Limit Sell Order
Created” pop-up immediately.
Scroll down to the Open Orders section afterward to see the
limit sell order. Wait for the open order to complete, and once it happens,
your trade will be completed.
Advantages of Trading Binance
Trading Binance comes with many benefits, such as:
- It has
a touchscreen interface that looks very nice.
- It is
very safe and secure.
- Supports
1,500 cryptocurrencies
- It can
be set up very quickly
- Can be
accessed on mobile
- Has a
lot of protection against physical damage
How to Use Binance for Any Basic Trade
Here is how to use Binance for any basic trade:
- Log
into your Binance account.
- Click
on Exchange and pick Basic on the taskbar.
- Pick a
trading pair, as there is a lot to choose from. If you only see Ethereum
in the funds, then Ethereum is the only one you can deal with.
- Choose
the type of trade you want to make, like Limit Orders, Stop-Limit orders,
or Market Orders.
- Choose
the amount you want to trade.
Binance Trading Fees
You will have to deal with fees if you want to trade on
Binance. Luckily, they are some of the lowest on the market. No deposit fees
apply. Meanwhile, there are some withdrawal fees. Ethereum withdrawals will
cost 0.01 ETH in fees, for instance. The fees will depend on the currency.
What Is Binance?
Binance was
founded by Changpeng Zhao and Yi He in China in 2017. Both of the creators were
working at the OKCoin exchange for a while, and then they thought it would be
better to build their own exchange platform.
The platform is a crypto-to-crypto exchange one, so this
means it can only be used in order to trade cryptocurrencies and
virtual tokens. More than 500 of them are available, with some of the trading
options being Litecoin, Ether, Dogecoin and, of course, Bitcoin.
Binance Coin Explained
Binance has its own token too, known as Binance Coin, or
BNB. The first coin offering of the BNB in the exchange managed to raise funds
of about $15 million in 2017. Individuals that use BNB in order to pay their
trading fees could get discounts as well.
Many companies use the ICO, aka initial coin offering in
order to raise money. This is because this method is very easy and it allows
crypto businesses to raise funds without having to go through very difficult
processes or methods such as bonds or stocks.
Can Binance Be Traded?
As you’ve seen, you can trade with Binance using your cryptocurrencies or
tokens. When you first join Binance and start using it, you will have to buy
your first bitcoin or BNB. Binance can be traded, especially if you make sure
to buy Binance Coin. But in order to do so, you will have to go through the
steps listed above.
Final Thoughts
Trading on Binance can be a wonderful experience if you know how to use the platform. Before you start trading, you need to create an account and then make a fund deposit, after which you can start trading. The good news is that fees are very low for withdrawals so you can withdraw your amounts with no issues.